Jan 2, 2018
After a career as a police officer, Tyler Sheff began flipping
houses with tremendous success. However, he did not anticipate the
crushing tax bill, which forced him to rethink his strategy. Now
Tyler invests in small multifamily properties for cash flow in both
Tampa, Florida and Memphis, Tennessee. He is a licensed real estate
agent, problem solver, educator, investor, syndicator and the
founder of CashFlowGuys.com. On today’s show, he talks about his
strategies, how he invests from afar in Memphis and why Tampa is so
hot that buyers are getting into fistfights over
properties.
Key Market Insights
- A former police officer, Tyler got his real estate license in
2000 and began fixing and flipping
- Noticed values in single family were going up 25% per year and
started renting his flips to take advantage of the
appreciation
- Sold them all in 2005 for top dollar, but did not report the
sales on all of his properties and was threatened with interest and
tax bill from the IRS
- Burned himself out flipping houses and got a job with the
federal government
- List of limiting beliefs held him back from buying multifamily
properties
- Purchased a 4-plex and then learned how to raise capital from
being involved in mastermind groups
- Focus markets are Memphis, TN and Tampa, FL
- When working with buyers, he prefers to take an equity position
on deals in lieu of a commission
- Partnered with a brokerage that has been around since 1942
- Memphis varies wildly from street to street, like to be around
the north part of Memphis near the university
- Need to be direct to the seller when purchasing property
- Tampa you get some appreciation, Memphis is strictly
cashflow
- People are getting into fist fight over Tampa real estate
- Minimal multifamily properties in Tampa, while Memphis has a
plethora of multifamily
- Small multifamily are often grossly overpriced or underpriced
on the MLS
- Launching a mastermind in 2018 and teaching a class on
non-performing notes
Bull’s Eye Tips:
Winning Your Market: Memphis: Find good
management first, Tampa: focus on MLS for small
multifamily
Tracking Market Changes: Networking at REIA, Connect
with team, Subscribe to digital newspapers
Daily Habit: Read 60 minutes of self improvement
Resources:
Best Business Books:
Creature
for Jekyll Island by G Edward Griffin
Digital Resources
Evernote
Tweet This:
- I’d rather take $100 monthly than $1000 one time
- People are getting into fist fights over properties in Tampa.
Everyday is Black Friday
- Flipping houses doesn't build wealth, it pays the IRS
- A (projected) return is fine, if everything works out
Places to Grab a Bite:
Tampa: Rusty Bellies Tarpon
Springs
Memphis: The Pig on
Beale
Connect with Tyler:
Cashflowguys.com
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check out more info at TargetMarketInsights.com.